Saab is still working with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. to keep the company out of bankruptcy. But with no final deal in place, Saab has decided to delay a November 22 meeting with creditors until the automaker can obtain financing. Saab's parent company, Swedish Automobile, was scheduled to meet with its creditors to work out a plan to repay them, but without a resolution with the Chinese, it apparently didn't have much of a plan to share with them. Swedish Automobile has not said when it will reschedule the meeting for.

Dow Jones reports that Saab Automobile AB is trying to complete the deal so that it can pay off creditors and exit creditor protection status. Swedish law prohibits any company under creditor protection from borrowing money.

Without the deal with Pang Da and Zhejiang, Saab will most likely end up entering bankruptcy. The Chinese automakers had already agreed to pay 100 million euros ($135 million U.S.), but former Saab owner General Motors proclaimed that it wouldn't license technology under the same terms to Saab's new owners. Saab is reportedly scheduled to pay November wages for "a large portion" of its employees this coming week, adding to the urgency of the situation.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 8 Comments
      Bret Frohwein
      • 3 Years Ago
      This is rather sad.. it's like watching a loved one be in Hospice..
      XJ Yamaha
      • 3 Years Ago
      Ugh, this is like watching a beached fish flop and flop and flop yet you can't help it. Just when you think it's finally dead, it flops again. In the end, it will die, but it amazes you how long the poor thing manages to hang on...
        Xedicon
        • 3 Years Ago
        @XJ Yamaha
        While it's always sad to see a car company go, honestly I just don't get SAAB and their lineup. It's like they never figured out at what level they wanted to compete. I feel like they lost their way a long time ago, and it finally caught up to them. IF they survive, they'll certainly have to do something different if they want to stay alive in the future.
        Basil Exposition
        • 3 Years Ago
        @XJ Yamaha
        http://www.autoblog.com/2011/06/27/saab-scores-13m-order-swedish-real-estate-firms-property-offe/ Comment # 3 Great minds?
      • 3 Years Ago
      [blocked]
      NY EVO X MR GUY
      • 3 Years Ago
      Eh, R.I.P. SAAB. Your lineup is irrelevant and not competitive at all. Just die please. Its over.
      Lewis Peter Kelly
      • 3 Years Ago
      SAAB lost it's way when it became a part of GM. I really hope it survives and its new owners will allow it to go back to being an unique alternative to the Germans.
      Dookie
      • 3 Years Ago
      Bring back the C900 and modernize it. that was a spankin design they got greedy w/ the prices they were asking...and should of kept the pre-09 design, instead of the clam shell designed 9-3's. The 9-5s got all funky w/ the eyeliner headlights and way overpriced
    Share This Photo X